Mar 16th Daily Analysis

Mar 16th Daily Analysis

NIKKEI 225 (JPN225)

Asian share markets rose on Wednesday, with investors’ eyes on volatile oil prices. Ukrainian President Volodymyr Zelenskiy said on Wednesday that peace talks were sounding more realistic, but more time was needed, even as Russian airstrikes continued and the refugee tally from Moscow’s invasion reached 3 million.


From the overview of price in NIKKEI 225, the overall trend looks bearish. Price is in a corrective move to the support zone between 26115 and 25885 which is in convergence with the downward trend-line and the Fibonacci retracement levels. Price is also trading below the 50 EMA with the RSI and MACD moving below the center-line for extra confirmation.


The US Dollar remains very near a big spot of confluent resistance. The level of 99.34 is the 14.4% retracement of the 2011-2017 major move, and this price caught the highs in DXY last March. That led to a pullback with support showing up at a prime spot on the chart, spanning from 97.72-97.87. The pair has since broken down by more than 500 pips. The fundamental backdrop in the U.K. isn’t quite as dire as Europe, as there is the potential for actual rate hikes out of the BoE this year.

The overall trend for GBPUSD is bearish. Price has broken the previous structure to the downside thereby forming lower lows. There could be a corrective move to the upside to retest the support zone between 1.32078 and 1.31692 before the price continues in it bearish direction. The 50ema is above the price which signifies a continuous trend to the downside along with the RSI and MACD which trades below the center-line.


Gold was down this morning in Asia, holding near a two-week low. Investors avoided big bets as they await the U.S. Federal Reserve’s (Fed) latest policy decision. The Fed is widely expected to hike interest rates this week. Gold spot prices fell 0.59% to $1,915.30 during the previous session. The yellow metal remained little changed after hitting its lowest since March 1 at or $1,906.

Gold prices testing the support of $1,960 for the second time in two consecutive trading sessions, RSI is showing a slower fall, but MACD is hovering indecisively around neutral levels. Price action indicates more decline towards $1,950.

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